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CNOOC LIMITED

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CNOOC : Shanghai shares fall as power crunch weighs

09/27/2021 | 01:05am EDT

SHANGHAI, Sept 27 (Reuters) - Shanghai shares fell on Monday as recent power curbs began to weigh on economic outlook, while energy and consumer staples led Hong Kong stocks higher.

The Shanghai Composite Index lost 1.3% to 3,565.94 by the end of the morning session, while the CSI300 index rose 0.3% to 4,861.58.

The Hang Seng index added 0.3% to 24,259.75. The Hong Kong China Enterprises Index was unchanged at 8,604.72.

** The energy sub-index dropped 1.6% amid intensified power crunch in recent weeks. Beijing has vowed to resolve supply shortages and curb price rises as the peak winter consumption season approaches.

** The power curbs caused by Beijing's carbon emission targets and surging coal prices and coal shortages have disrupted production in some companies, sending their share prices lower.

** Power-intensive sectors resources, non-ferrous metals, chemicals dropped sharply.

** "The power crunch has prompted us to further cut our year-on-year Q3 and Q4 GDP growth forecasts to 4.7% and 3.0%, respectively, from 5.1% and 4.4%," Ting Lu, chief China economist at Nomura, said in a note.

** Consumer staples surged 5.2% ahead of the week-long National Day holiday starting from Oct. 1, which has traditionally been a peak season for consumption.

** The Ministry of Commerce said China would ensure sufficient market supply with rich varieties and stable prices during the National Day holiday, state media CGTN reported on Sunday.

** In Hong Kong, energy and consumer staples led the gains, up 1.7% and 1.4%, respectively.

** China's state-run oil and gas major CNOOC Ltd jumped 5.7% on its Shanghai listing plan, making it the biggest gainer on the Heng Seng Index.

** China Evergrande's electric car unit plunged more than 10%, after it warned it faced an uncertain future unless it got a swift injection of cash and after it said it would not proceed with plans to issue RMB shares.

(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 4.63% 3.84 End-of-day quote.-87.28%
CNOOC LIMITED -0.12% 8.68 End-of-day quote.20.89%
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Analyst Recommendations on CNOOC LIMITED
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Financials
Sales 2021 237 B 36 775 M 36 775 M
Net income 2021 69 319 M 10 774 M 10 774 M
Net Debt 2021 101 B 15 677 M 15 677 M
P/E ratio 2021 4,59x
Yield 2021 9,44%
Capitalization 321 B 49 822 M 49 835 M
EV / Sales 2021 1,78x
EV / Sales 2022 1,63x
Nbr of Employees 18 151
Free-Float 35,0%
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Technical analysis trends CNOOC LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 21
Last Close Price 7,18 CNY
Average target price 10,02 CNY
Spread / Average Target 39,5%
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Managers and Directors
Ke Qiang Xu Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
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